The shares of Trent jumped more than 4% on Wednesday, with Morgan Stanley, Motilal Oswal Financial Services and other brokerages reiterating their bullish calls for the stock after Zudio-parent’s Chairman Noel Tata during the company’s FY26 AGM said that the company remains in the early stages of its growth journey.The stock jumped to Rs 3,277 apiece on Wednesday. The shares of the company are currently leading gains on the Sensex and the NiftyMorgan Stanley on TrentMorgan Stanley highlighted that Trent Chairman Noel Tata reiterated the aspiration during the AGM for revenues and profits to reach 10x FY23's level in the not-so-distant future, via new brand launches to achieve this.“Trent is optimistic on the international opportunity, with another year of incubation before accelerating expansion. All stores have been profitable barring a small loss in the last two months owing to war-led supply chain disruption. Fundraising of Rs 25 billion is aimed at building infrastructure for warehousing, IT, AI across processes, and selective property ownership. Most stores break even within 12 months of operation, while Star takes longer,” the international brokerage highlighted.Morgan Stanley said that store addition guidance of 50 per year for Westside was a key positive. It maintained its ‘Overweight’ rating on the shares of Trent, with a target price of Rs3,151 apiece.Also read: Trent forms bullish reversal pattern after 7-month consolidation, says Ajit MishraHSBC on TrentHSBC Global Investment Research maintained its ‘Buy’ rating on the shares of Trent, and increased its target price to Rs 3,460 apiece. It noted that the company aspires to post low double-digit like-to-like (LTL) growth, and the Chairman mentioned that the company cannot reach its aspirations (10x) with only two brands, highlighting that more brands will be launched in the coming years. Trent will incubate international operations for another year and then step-up the expansion, it added, highlighting that Trent is actively looking at a large play in international.“We raise our store addition estimates for Westside to 50 (vs 25 earlier) and for Star Baazar, post company guidance. While potential numbers for both store formats, especially Zudio at 5,000 stores, is much higher than our estimate of c1,500, we maintain our target multiple at 60x PE. We believe a higher multiple could be warranted if LTL were to pick up. We raise our standalone estimates by 4%/5% in FY27/FY28 respectively, and raise our target price to Rs 3,460,” it said.Motilal Oswal on TrentThe domestic brokerage maintained its target price of Rs 3,500 apiece for the stock, implying an upside potential of more than 11% from the stock’s previous closing price of Rs 3,142.90 apiece on NSE.“Since outlining its ambition in 2023 to deliver 10x revenue and commensurate profitability growth, Trent remains ahead of the roadmap, achieving over 2.5x revenue and ~3x profit growth. The Chairman remains confident of opening 50 Westside stores, 200-250 Zudio stores, and 25-40 Star stores annually, with medium-to-longer term opportunity pegged at 700 Westside stores (vs. 300 currently) and nearly 5,000 Zudio stores (vs. around 960 currently), Motilal Oswal said.The next phase of growth is expected to extend beyond Westside and Zudio, supported by the incubation of new formats (currently Samoh and Burnt Toast), category expansion, selective growth in international markets, and continued store additions across existing core retail formats, the domestic brokerage noted. “The Chairman has pegged the medium to longer-term opportunity at 700 stores for Westside (vs. 300 currently) and 5,000 stores for Zudio (vs. 960 currently), while Star’s presence remains limited in the vast food and grocery category (65% of India’s overall retail),” it added.Motilal highlighted that after several quarters of growth deceleration, Trent witnessed growth recovery in Q4 FY26. Despite relatively weaker growth, Trent continues to maintain strong cost controls to sustain healthy profitability in FY26, it said, adding that going ahead, it believes margin expansion would largely be dependent on recovery in LFL growth.“We continue to like Trent for its strong footprint additions, retail formats with robust store economics, long runway for growth in Star (presence in just 12 cities), and potential scale-up of emerging categories (Beauty, Innerwear and Footwear). However, continued revenue growth acceleration and the resulting earnings upgrades remain key to further re-rating,” the domestic brokerage concluded.Also read: Buy, Sell or Hold? Morgan Stanley remains overweight on Trent; Citi maintains buy on BELKotak on TrentKotak Institutional Equities, however, remained bearish on the shares of Trent with a ‘Reduce’ call, but increased its target price to Rs 3,025 apiece. “Trent will focus on Burnt Toast as its youth-focused brand. Star’s revenue growth was subdued at 0.7% yoy in FY2026 despite a net addition of 6 stores. Revenue growth was impacted by store renovations in 1HFY26 and deflation in fruits and vegetables. We model 55/220 store additions of Westside/Zudio in FY2027 compared to the company’s AGM targets of 50/200-250 stores. We retain revenue estimates, incorporate AR details and revise FY2027-29 EPS upward by ~2%,” it added.Trent share priceTrent shares have gained around 6% in one week and 14% in one month. The stock has, however, declined around 19% in 2026 so far. In the longer term, the stock jumped 185% in three years and 473% in five years.The company currently has a market capitalisation of nearly Rs 1.75 lakh crore.Also read: Why is market rising today? 6 key factors driving D-St rebound(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)